Billionaire Len Blavatnik’s Access Industries closed on a loan for the first Aman-branded development in South Florida.
The developer, 3425 Collins LLC, secured $34.8 million in financing from Bank OZK for the site of the former Versailles Hotel in Miami Beach, property records show.
Blavatnik and fellow billionaire Vlad Doronin plan to build a two-tower hotel and branded condo project at 3425 Collins Avenue, which is part of the Faena District. Doronin’s OKO Group is partnering with Access Industries, and Doronin is also chairman and CEO of Aman, a luxury hotel group based in Singapore.
The development site is currently home to the gutted Versailles Hotel, which was built in 1940 and designed by architect Roy France. It’s been empty since 2011. Developer Alan Faena, who built the Miami Beach neighborhood with the backing of Blavatnik, canceled his plans for a condo tower on the site in 2016 after the luxury condo market slowed down. Faena is not involved in the Aman development.
The Faena District, which opened in 2015, includes more than 1 million square feet of mixed-use development.
In Miami’s Edgewater neighborhood, OKO Group is developing the Missoni Baia condo tower. In Brickell, it is building 830 Brickell, an office tower anchored by WeWork, as well as Una Residences, a 47-story, 135-unit condo tower that just broke ground.
In the U.S., Aman New York is under construction in the Crown Building, and the hotel brand also has locations in Jackson Hole, Wyoming; and in Canyon Point, Utah.